FAQ

Categories

ICO

What is an ICO?

An ICO "Initial Coin Offering", is a method used to raise capital whereby supporters of a project participate in the pre-sale of a cryptocurrency which can be used in the project itself.

Is this an investment or a crowdfunding?

The proceeds from the impak Coin ICO will be used to fund the development of the impak.eco platform. This is a crowdfunding initiative, very much like KickStarter. The value proposition is not related to a financial return, like the one of a traditional investment product. People who buy impak Coin do so because they believe in the impact economy and in our project to accelerate its growth.

What kind of payment mode do you accept?

impak Finance accepts:

- recognized credit cards worldwide

- Canadian and US debit cards

- Canadian Visa Debit or MasterCard Debit cards

- Cryptocurrencies transfers from Bitcoin (BTC) and Etherium (ETH)

We accept the following currencies:

- CAD: Canadian Dollar

- EUR: Euro

- USD: US Dollar

- CNY: Chinese Yuan

- GBP: Great British Pound

- HKD: Hong Kong Dollar

- JPY: Japanese Yen

- KRW: South Korean Won

- RUB: Russian Ruble

- SEK: Swedish Krona

Is there a minimum amount when buying MPKs? A maximum?

The minimum amount to purchase MPKs has to be equivalent to 100 CAD at the time you make your contribution. Maximum? You are free to contribute any amount above 100 CAD (given that it falls within the limits set by the Canadian Securities Law).

What is the minimum amount of MPKs that will be issued by the end of this campaign? What is the maximum?

The minimum amount of MPKs that will be released will be 575 000 MPKs. The maximum, for now, is set at 11 500 000.

Impak Coin

What is impak Coin?

impak Coin is a cryptocurrency dedicated to supporting the growth of the social impact economy. By combining the advantages of blockchain technology, complementary currency principles and the attributes of loyalty programs, impak Coin has coded rules of use that supports the growth of a socially and environmentally responsible economy.

What is the difference between Bitcoin and impak Coin?

Bitcoin has been the first decentralized cryptocurrency ever. As a precursor Bitcoin launched the world of cryptocurrencies. However, today many consider it purely as a speculative instrument and as a mean to do money laundering and finance criminal activities. With impak Coin we made the choice to keep the advantages brought by decentralization and use a centralized governance. impak Coin will thus avoid being used for money laundering. It will also ensure better accessibility, higher security and a non-speculative value. impak Coin is designed for the growth of a socially and environmentally conscious economy.

What is the technology behind the impak Coin? Why?

impak Coin is developed with a recent version of Blockchain technologies called "Blockchain as a service". WAVES is the one we use. This technology has a proven track record and has a low environmental footprint. Furthermore, this decentralized technology allows us to set up centralized governance in accordance with our mission.

Is the impak Coin backed by the Canadian dollar?

At its launch in spring 2018, yes. Over time though, the price of impak Coin will be established on a quarterly basis by its Governance body in correlation with the evolution of transaction volumes on impak.eco. It's now demonstrated that social impact economy is more stable and less risky than the traditional economy on a medium and long-term perspective.

How will I receive the MPKs I'm buying?

They will be kept on your impak Coin account. When the impak ewallets become available, you will be invited to transfer them from your impak Coin account to your impak ewallet.

Will I be able to change my impak Coin in CAD? At which rate?

Conversion of impak Coin to CAD will be possible by using the e-wallet, in real time, subject to a 2% fee. Contrary to other currencies traded on speculative secondary markets, impak Coin conversion will be done through the e-Wallet, at a rate determined by the MPK Governance Body. Come spring 2018, the impak Coin will be at parity with CAD. The exchange rate will be reviewed and set on a quarterly basis by the MPK Governance body to maintain its stability.

Using MPK

Once available, what is the process to create impak Coin?

Contrary to national currency creation based on debt creation, the impak Coin will be generated when there is value creation on the impak.eco ecosystem. New MPK will be created to reward the user at each transaction made on impak.eco.

As a citizen, how can we spend our impak Coin?

One would use their impak Coin either through the purchase of products or services from an accredited merchant within impak.eco, or by exchanging them with other users on the platform.

In which types of businesses will I be able to spend my impak Coin? Will I be able to use them in an actual business from my neighbourhood?

Starting in spring 2018, impak Coin holders will be able to use them to purchase products and services from the hundreds of accredited merchants on impak.eco. Businesses on the platform will have undergone a rigorous validation process to ensure they address environmental or societal concern as part of their mission. To check the suitability towards an environmental or social issue we use criteria that are derived from the 17 UN Sustainable Development Goals. For example, a solar panel business or zero-waste coffee shop are such businesses.

How will companies be able to keep track of, and pay their taxes?

The ewallet will keep track of a business's transactions in its national currency, thus allowing the business to use MPKs without having to use 2 different accounting systems. Paying taxes is the individual responsibility of each of the businesses.

impak Finance and impak Coin

What were the funds of the autumn-2016 crowdfunding campaign used for?

Funds received during the autumn 2016 crowdfunding campaign were used to hire the team responsible for the selection process criteria, the technological platform impak.eco, find the first companies that will populate this ecosystem, and finance the setup of the impak Capital investment fund.

How will this new platform work in relation to the other projects of impak Finance (Funds and Bank)? Why does impak Finance wish to launch a cryptocurrency?

This new platform will give citizens the opportunity to make their voice heard and contribute to an economy that is mindful of the planet and the people that live on it. This democratic movement is also at the basis of our success for the impak Funds and Bank. The Blockchain technology is a new step forward, everyday new applications based on it are developed. We expect this technology to be even more disruptive than the internet during the 90s. It will allow us to embed values and rules into a currency, thus helping the change! impak Coin enables us to bring together like-minded individuals, companies and citizens alike, and reward them for contributing to the impact economy on impak.eco.

Cryptocurrencies usually are decentralized, how do you reconciliate this aspect with the fact that impak Finance is the one that issues impak Coin?

Indeed, impak Coin is a decentralized cryptocurrency, however its governance is centralized. impak Finance issues the MPKs but will be one of the voting members of the impak Finance Foundation governing the MPKs, along with other independent members that are part of the impact economy. Co-creation is core to our values and to the projects we make. The price of the impak Coin will be established every semester in by this governing body.

Security/Legal

How to invest safely?

We assure you that we are doing our best to ensure the security of your transactions. On your side, we invite you to be vigilant on several aspects:

1. No ewallet address (public keys) will ever be communicated on public domains, forums, social media,etc. Transaction and public keys will only be communicated to you from within the purchasing process and every key will only be available for 9000 seconds (2h30)

2. One single key per transaction will be generated by our payment gateway, even if you refresh the page a new address will be generated

4. Make sure that you see the lock icon and the word Secure in the address bar.

5. Only trust our official communications via email

6. In case of doubt, talk to us via the live chat at the bottom right corner of the screen. During the ICO our live chat will use secondary security measures ensuring that no-one can impersonate us.

7. Help us by communicating any issues, doubts or fraudulent behaviour to concerns@impakfinance.com. We are the only ones with access to this email address.

How do you ensure data privacy?

We regard data privacy as a given and none of the accumulated data will be distributed or sold externally. The impak Finance Foundation will act as the helmsman to make sure we stay true to our mission. See the terms and conditions for more informations.

How do you make sure investors don't invest disregarding their capabilities?

impak Coin is compliant with Canadian Laws on Securities. That way investors follow a process fulfilling all legal requirements before making their contribution.